ANGLOGOLD ASHANTI LIMITED: AngloGold Annual Earnings* of $924m, Second-Highest Ever

ANGLOGOLD ASHANTI LIMITED: AngloGold Annual Earnings* of $924m, Second-Highest 
Ever
AngloGold Ashanti Limited 
(Incorporated in the Republic of South Africa \ Reg. No. 1944/017354/06) 
ISIN No. ZAE000043485 - JSE share code: ANG \ CUSIP: 035128206 - NYSE share
code: AU 
Website: www.anglogoldashanti.com 
News Release 
February 20, 2013 
AngloGold Annual Earnings* of $924m, Second-Highest Ever 
(ANGLOGOLD ASHANTI) - AngloGold Ashanti today announced full-year adjusted
headline earnings of $924m, the second-highest on record, despite a difficult
year in which an unprotected strike and safety stoppages caused major
disruption to its South African operations. 
The company is planning to deliver higher margin production from its South
African mines, which were shuttered by a strike between the end of September
and the beginning of November. Exploration spending across the group has been
rationalised, corporate and operating costs are undergoing a review, some
assets deemed to be non-core are being considered for sale and capital
expenditure has been prioritised. 
"We've moved decisively to ensure that we continue a strong recovery from a
difficult end to last year," Joint Interim Chief Executive Officer Tony O'Neill
said. O'Neill has oversight of all operating and exploration functions while
fellow joint interim CEO Srinivasan Venkatakrishnan has accountability for all
financial and corporate matters. 
AHE for the year was $924m, or 239 US cents a share, which included about $208m
lost to the strike, compared with $1.3bn, or 336 cents a share in 2011.
Production in 2012 was 3.94Moz at a total cash cost of $862/oz, which included
about 235,000oz lost to the strike. The annual production compares to 4.33Moz
at a cash cost of $728/oz in 2011. 
AngloGold Ashanti continues to seek to improve the quality and diversity of its
portfolio. The main greenfield projects at Tropicana, in Australia, and the
Kibali joint venture, in the Democratic Republic of Congo, remain on track to
produce gold within a year. The expansion of Cripple Creek & Victor, in the US,
also remains on track. 
Production in 2013 is anticipated to grow to between 4.1Moz and 4.4Moz at an
improved total cash cost of $815/oz to $845/oz. More focused investment in the
business has helped AngloGold Ashanti forecast stable capital expenditure of
about $2.1bn for 2013, while corporate costs are expected to decline by about
18% to $240m. Expensed spending on exploration and feasibility studies is
forecast at about $377m, 18% lower than in 2012. 
"Our focus is on improving margins and delivering returns, rather than
production growth, and that will continue to drive our decision making,"
Venkatakrishnan said. "We have good projects and a solid financial base." 
During October, the company took a decision to terminate its underground
development contract with Mining and Building Contractors Limited at its Obuasi
mine in Ghana in an effort to improve production and costs. Geita, in Tanzania,
was the group's largest production contributor, improving annual production by
7% to 531,000oz at a total cash cost of $660/oz. The rest of the group
continued to see positive results with annual production in the America's
region rising from 891,000oz to 953,000oz and the Australian operations
increasing output to 258,000oz from 246,000oz. 
"AngloGold Ashanti continues to deliver the best returns on capital amongst the
gold majors, which reflects strict discipline in capital deployment over the
past five years," Outgoing CEO Mark Cutifani said. "That's been core to our
strategy since early 2008, when we outlined our vision for the company." 
Fourth Quarter 
Fourth-quarter AHE was $7m, or 2 US cents a share, compared to $295m, or 76 US
cents a share in the fourth quarter of 2011. AHE was affected by the lower
volumes and higher cash costs during the quarter, reflecting the impact of the
strike in South Africa which eroded $208m of earnings and the change-over of
the mine development contractor at Obuasi and other factors which had a
negative impact. 
A strong performance from the Americas region was primarily offset by the
strikes in South Africa. Despite challenges faced in South Africa, Standard &
Poor's affirmed the investment grade rating on AngloGold Ashanti's publicly
traded debt following an extensive review. Major milestones were reached
outside of South Africa, most notably the termination of the underground
development contract at Obuasi, where sub-par development performance has been
identified as a key constraint to the mine's performance in recent years and
which had also hurt earnings in the fourth quarter. At Tropicana, 1.0Moz was
added to the resource and the group achieved the lowest quarterly All Injury
Frequency Rate (AIFR) on record for the organisation at 6.17 per million hours
worked. 
*Adjusted headline earnings 
ENDS 
Contacts 
Media                    Tel:                      E-mail:                       
                                                                               
Alan Fine                +27-11 637- 6383 / +27    afine@anglogoldashanti.com    
                       (0) 83 250 0757                                         
                                                                               
Chris Nthite             +27 (0) 11 637 6388/+27   cnthite@anglogoldashanti.com  
                       (0) 83 301 2481                                         
                                                                               
Stewart Bailey           +1 646 338 4337/ +1 212   sbailey@anglogoldashanti.com  


                           858-7702 / +27 83 253                                  
                           2021                                                   


                                                                               
General inquiries        +27 11 637 6031           media@anglogoldashanti.com    
                                                                               
Investors                                                                        
                                                                               
Stewart Bailey           +1 646 338 4337/ +1 212   sbailey@anglogoldashanti.com  


                           858-7702 / +27 83 253                                  
                           2021                                                   


                                                                               
Sabrina Brockman (US &   +1 (212) 858 7702 / +1    
sbrockman@anglogoldashanti.com
Canada)                  646 379 2555                                            
                                                                               
Mike Bedford (UK &       +44 779 497 7881 / +44    
mbedford@anglogoldashanti.com 
Europe)                  1225 93 8483                                            
                                                                               
General inquiries        +27 11 637 6059           
investors@anglogoldashanti.com 
                                                                             
Certain statements made in this communication, other than statements of
historical fact, including, without limitation, those concerning the economic
outlook for the gold mining industry, expectations regarding gold prices,
production, cash costs and other operating results, return on shareholders'
equity, productivity improvements, growth prospects and outlook of AngloGold
Ashanti's operations, individually or in the aggregate, including the
achievement of project milestones, the completion and commencement of
commercial operations of certain of AngloGold Ashanti's exploration and
production projects and the completion of acquisitions and dispositions,
AngloGold Ashanti's liquidity and capital resources and capital expenditures
and the outcome and consequence of any potential or pending litigation or
regulatory proceedings or environmental issues, are forward-looking statements
or forecasts regarding AngloGold Ashanti's operations, economic performance and
financial condition. These forward-looking statements or forecasts involve
known and unknown risks, uncertainties and other factors that may cause
AngloGold Ashanti's actual results, performance or achievements to differ
materially from the anticipated results, performance or achievements expressed
or implied in these forward-looking statements. Although AngloGold Ashanti
believes that the expectations reflected in such forward-looking statements and
forecasts are reasonable, no assurance can be given that such expectations will
prove to have been correct. Accordingly, results could differ materially from
those set out in the forward-looking statements as a result of, among other
factors, changes in economic, social, political and market conditions, success
of business and operating initiatives, changes in the regulatory environment
and other government actions including environmental approvals, fluctuations in
gold prices and exchange rates, and business and operational risk management.
For a discussion of certain of these and other factors, refer to AngloGold
Ashanti's annual report for the year ended 31 December 2011, which was
distributed to shareholders on 4 April 2012, the company's 2011 annual report
on Form 20-F, which was filed with the Securities and Exchange Commission in
the United States on 23 April 2012 and the prospectus supplement to the
company's prospectus dated 17 July 2012 that was filed with the Securities and
Exchange Commission on 25 July 2012. These factors are not necessarily all of
the important factors that could cause AngloGold Ashanti's actual results to
differ materially from those expressed in any forward-looking statements. Other
unknown or unpredictable factors could also have material adverse effects on
future results. Consequently, stakeholders are cautioned not to place undue
reliance on forward-looking statements. AngloGold Ashanti undertakes no
obligation to update publicly or release any revisions to these forward-looking
statements to reflect events or circumstances after today's date or to reflect
the occurrence of unanticipated events, except to the extent required by
applicable law.  All subsequent written or oral forward-looking statements
attributable to AngloGold Ashanti or any person acting on its behalf are
qualified by the cautionary statements herein. 
This communication may contain certain "Non-GAAP" financial measures. AngloGold
Ashanti utilises certain Non-GAAP performance measures and ratios in managing
its business. Non-GAAP financial measures should be viewed in addition to, and
not as an alternative for, the reported operating results or cash flow from
operations or any other measures of performance prepared in accordance with
IFRS.  In addition, the presentation of these measures may not be comparable to
similarly titled measures other companies may use. AngloGold Ashanti posts
information that is important to investors on the main page of its website at
www.anglogoldashanti.com and under the "Investors" tab on the main page. This
information is updated regularly. Investors should visit this website to obtain
important information about AngloGold Ashanti. 
END 
-0- Feb/20/2013 08:08 GMT
 
 
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